As Google and Microsoft earnings report came out badly, to say the least, the NDX-100 opened with a 30 point loss and drifted lower to close 1.07% negative. Amazingly the SP-500 and the Dow feared much better closing at 0.16% positive and 0.03% negative respectively. As we have been mentioning the market is in overbought territory and is susceptible to any bad news. Amazingly enough, the downward move was ignited by Google and Microsoft instead of Detroit´s bankruptcy protection filing; we are talking of a major US city, the car capital of the world !!! On the energy front, WTI was very volatile closing 0.22% positive remaining overpriced. We took advantage of the stock market as well as WTI volatility to close open positions. We maintain the view that the market is still at lofty levels, therefore prefer shorts on spikes.
Today´s Profit USD 350 (Portfolio Size: USD 25,000)
Visit Past Trades to review our history.
In August we will start placing our trades real-time on Twitter @NDXTrading
- TECH STOCKS FALL: Here’s What You Need To Know (DIA, SPY, QQQ, MSFT, GOOG, CMG) (businessinsider.com)
- Market Snapshot: U.S. stocks drop; Microsoft sinks 9% (marketwatch.com)
- US Index Futures Drop as Google, Microsoft Disappoint – Bloomberg (bloomberg.com)